The integration of crypto and blockchain into the world of esports offers a wide variety of opportunities to innovators, users and established players alike. Here’s a look at how cryptocurrencies and NFTs are getting involved with esports.
The cryptocurrency industry has achieved more mainstream traction in 2021 post-pandemic than it has ever done in history. And one-way cryptocurrencies and digital currencies are fast gaining acceptance is by leveraging the electronic sports (esports) industry.
Prominent names like Crypto.com and Bybit are not only making their way into physical sports, but they’re also establishing long-term partnerships with big names in the esports industry, such as Twitch.
Last November 16th, Crypto.com secured naming rights to LA Lakers’ home ground, overseeing the playing grounds’ name change to ‘Crypto.com Arena’. Two weeks prior, the same Crypto.com inched a deal with esport tournament series Twitch Rivals.
The owner and organiser of Twitch Rivals, Twitch, remains one of the most important names in the esport industry. The video game live streaming service commands more than 140 million monthly active users. Considering the massive audience esports boasts of and its young demographics, it’s not difficult to see the industry’s appeal for many crypto outfits.
One of the most meaningful esports crypto developments in recent times is making betting on esports easier and safer. Organising any kind of betting in various countries is a tricky procedure, and a lot of people do not have the option to bet with their local currency, or they simply do not want to do it because they have to validate their identity, which makes them feel insecure if they win big.
Crypto for esports betting does such a great thing in this area, as anyone can organise a safe betting platform through a crypto wallet, and everyone can participate in crypto esports betting if they happen to have some kind of cryptocurrency. Even if a person did not have the correct cryptocurrency, the system would change it automatically, which is the beauty of crypto.
Betting on esports with crypto can be quite an easy way to make money if you are familiar with the esports scene, especially if you do some bitcoin esports betting where the stakes are high. Of course, you might not find esports betting organisations for all of the games out there, but with time, it will become a norm to have an option for crypto esports betting of some sort, even upon the release of a game.
Many reputable cryptocurrency exchanges are fast identifying the esports space as one of its most crucial growth drivers to tap into. Since video game leagues started seeking to monetise the competitive nature of video games, the industry has grown significantly. Both industries are now linking up more and more.